Newmont FY2024 EPS Boosted by National Bank Financial

Newmont Co. (NYSE:NEM) – Equities researchers at National Bank Financial lifted their FY2024 earnings per share (EPS) estimates for shares of Newmont in a report released on Thursday, October 24th. National Bank Financial analyst M. Parkin now anticipates that the basic materials company will post earnings per share of $3.29 for the year, up from their previous estimate of $3.26. The consensus estimate for Newmont’s current full-year earnings is $3.13 per share. National Bank Financial also issued estimates for Newmont’s FY2025 earnings at $4.52 EPS.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 EPS.

A number of other research firms have also commented on NEM. Raymond James raised their price target on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Jefferies Financial Group upped their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Finally, Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $54.85.

Newmont Stock Down 0.1 %

Newmont stock opened at $48.36 on Monday. The firm has a 50 day simple moving average of $53.33 and a 200 day simple moving average of $46.99. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont has a 1-year low of $29.42 and a 1-year high of $58.72. The firm has a market capitalization of $55.06 billion, a price-to-earnings ratio of -31.82, a P/E/G ratio of 0.40 and a beta of 0.50.

Institutional Trading of Newmont

A number of institutional investors have recently modified their holdings of the company. Bessemer Group Inc. boosted its holdings in Newmont by 7.5% in the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock valued at $271,000 after acquiring an additional 529 shares in the last quarter. Herr Investment Group LLC purchased a new position in shares of Newmont during the 2nd quarter worth approximately $419,000. Truist Financial Corp raised its position in shares of Newmont by 8.1% in the 2nd quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after acquiring an additional 11,276 shares in the last quarter. Cetera Trust Company N.A purchased a new position in shares of Newmont in the 3rd quarter valued at approximately $705,000. Finally, Primoris Wealth Advisors LLC bought a new stake in shares of Newmont during the second quarter valued at approximately $607,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock worth $3,434,640 over the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.07%. Newmont’s dividend payout ratio is presently -65.79%.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.